Meta denies claim more than half of Facebook crypto ads are scams

[Kemarit]

We can call it a jungle or wild wild west, every social media now has some form of crypto scams. However, Facebook is such well known that scammers are using it to scams and it's hard to stop it even if they say that they have either bot or manual to review every ad. And there are a lot of forms of scams, even a hack Facebook account can turn into scams without them knowing it.

And remember this, it's because Facebook are business entity, and so scammers are just going to pay them and we can all say that even if they deny it, they doesn't care as long as they are making money.

How can they police their marketplace for example?

[robelneo]

I don't know if Facebook is that good in identifying potential scams I have seen ads that I reported but continue to exist and only taken down after the developers do a rug pull because, as we all know on Facebook, if you are reported, you have a way to defend your ads or posts and if advertisers are good at it then their ads can still exist on the platform and they squeeze money from all the ads before being taken down

[God Of Thunder]

Most of these ads we are seeing on facebook were not all coming form meta, some were from third party promoting organization in which facebook is taking money form to help create an awareness for through ads, just as we have some with the bad intentions for them to use the avenue in scamming others, some are making a genuine promotion of their services though ads and they are achieving their targets in it.

As you can see in the OP, ACCC reported about crypto ads only and not other general ads. Yes, we know that a lot of companies promote their products on meta platforms like Facebook, Instagram, and Messenger. But ACCC specifically investigated the crypto ads which was running on Meta's platforms and 58% of them are scams. No matter if these are outdated or not. Most crypto ads on Facebook are indeed scams.

I have seen a lot of pyramid scheme crypto ads on Facebook and some crypto exchange scam ads on Facebook. Not only me but most users have seen such ads on Facebook. If you use Facebook regularly, you must have seen those crypto ads that are actually scams.

[LogitechMouse]

I don't know if Facebook is that good in identifying potential scams I have seen ads that I reported but continue to exist and only taken down after the developers do a rug pull because, as we all know on Facebook, if you are reported, you have a way to defend your ads or posts and if advertisers are good at it then their ads can still exist on the platform and they squeeze money from all the ads before being taken down

Correct me if I'm wrong, but I don't think that it's Facebook that's not that good in terms of identifying potentials scams. In fact, Discord and Telegram are way worse than them, and we know for a fact that scam attempts are very rampant on different social media platforms. It's just that, Meta has the balls to say to the public that more than half of the ads that are appearing on their platforms are scams, but the reality is, all social media platforms are experiencing this.

This is the reason why many always say that all of us especially newbies must learn, learn, and learn because scammers are everywhere and you're just one click away in giving your money to them.

[Z-tight]

Most of these ads we are seeing on facebook were not all coming form meta, some were from third party promoting organization in which facebook is taking money form to help create an awareness for through ads, just as we have some with the bad intentions for them to use the avenue in scamming others, some are making a genuine promotion of their services though ads and they are achieving their targets in it.

Facebook does not efficiently review these ads, that is the problem, they are happy to collect money from them and make their ads available on their platform, it is bad for gullible who easily fall victim to scammers this way. The victims should also start doing better, they cannot continue to allow their greed get the better of them, they are either investing in a ponzi scheme, or trying to double their money, etc, it is crazy.

[Bobcrypto]

Yes, I agree with you that advertisers should be strict, whether on Facebook or other social media, because allowing these scams harms the reputation of the entire crypto industry, as actually happened in 2017-2018 when the ICO wave spread, which caused great damage to the reputation of the industry, and we are still suffering from its effects to this day.

As for Facebook, even if they take stricter measures with advertisers, they will not be able to prevent fraudulent ads completely, but of course they can limit them as much as possible, but in the end we must not forget that Meta is a profitable company and its profits come primarily from advertising, so they may not like such strict measures that may harm their profits.

It may be difficult for Facebook and other social networks to screen out this scam projects ADs from their platforms, this is because they might be benefiting financially, and it may also cause them to pay experts to remove these scam advertising everyday.
Like you mentioned, they just have to reduced these scam
ads activities to make the crypto economy a better ecosystem for all investors and users worldwide.

[Z-tight]

they just have to reduced these scam ads activities to make the crypto economy a better ecosystem for all investors and users worldwide.

It is more about their platform than it is about the crypto economy. I am sure Facebook don't want their platform to be the 'home' of crypto scam ads, even though they are getting there, if not already there, so they have to do better in vetting these ads and making sure that little or no scam ads passes under the radar.

[Jating]

they just have to reduced these scam ads activities to make the crypto economy a better ecosystem for all investors and users worldwide.

It is more about their platform than it is about the crypto economy. I am sure Facebook don't want their platform to be the 'home' of crypto scam ads, even though they are getting there, if not already there, so they have to do better in vetting these ads and making sure that little or no scam ads passes under the radar.

And so far they are not doing good in my opinion, as there are still ads and still rampant that scammers are using their platform to victimized a lot of people.

I know it's hard to really put the fire 100% because Facebook is huge with million users across the continent. But they better do their jobs otherwise it's going to be a never ending scenario. For crypto followers though, if Facebook will not stop and do their job, then maybe we need more due diligence.

[Freemind]

We can find fraudulent ads on any large online platform and on any social network. The problem itself is not where it is, the problem is the little or no involvement of these platforms to eliminate these ads or what would be better, make sure that they are not scams before launching them. We must never forget that the victims are always the users and never the companies, since companies normally get paid at the time of launching the ads. After that, if the scam is large, the company has no liability, and if there is liability it is reduced to a totally ridiculous fine.

[ABCbits]

--snip--
I know it's hard to really put the fire 100% because Facebook is huge with million users across the continent. But they better do their jobs otherwise it's going to be a never ending scenario. For crypto followers though, if Facebook will not stop and do their job, then maybe we need more due diligence.

Not only due diligence, people should consider one of these options:
1. Block facebook ads, although it's harder when you use their application.
2. Only use Facebook when it's needed.
3. Change what kind of ads shown to you, as stated on https://www.facebook.com/help/247395082112892/. Although i don't know if there's option to show less or doesn't show cryptocurrency or investment ads.

[God Of Thunder]

We can find fraudulent ads on any large online platform and on any social network. The problem itself is not where it is, the problem is the little or no involvement of these platforms to eliminate these ads or what would be better, make sure that they are not scams before launching them. We must never forget that the victims are always the users and never the companies, since companies normally get paid at the time of launching the ads. After that, if the scam is large, the company has no liability, and if there is liability it is reduced to a totally ridiculous fine.

Meta platform is more strict than Twitter but when it comes to approving ads, they literally approve anything and everything including illegal things. I know it's hard for these platforms to verify if an ad is legit or a scam, but they should do some research before they approve those ads. I am not surprised that Meta denies that those ads are scams. How they will know that those ads are scams? They never checked those platforms before approving the ads. So, it is normal for them to deny the fact. Since they did not check, it is obvious they don't know those ads are scams.

[Z-tight]

Although i don't know if there's option to show less or doesn't show cryptocurrency or investment ads.

Or just completely ignore anything about crypto on facebook, i think that is the best thing to do. If the person is interested in crypto, then they should join cryptocurrency forums like Altcoinstalks and bitcointalk, there they can get quality information and direction and be guided by members that are reputable.

[MUGNIA]

placing advertisements on Facebook is so detailed that if you deliberately commit fraud then the person concerned will be suspended for a period of time, and cannot place advertisements within the time period that corresponds to the violation, especially if many people have already reported it (personal case when I joined MLM and looked for membership)

[Ujok]

Crypto advertising must be tightened so that the good name of crypto is not known as a place for fraud. There are some people who want to get money instantly and don't want to go to the trouble of looking for loopholes to do it. They rely on crypto advertising like on Facebook, why do they advertise crypto on Facebook because on Facebook many people are inexperienced and easily influenced. This will damage the good name of crypto and even people will think that crypto is a place of fraud.

[Dr.Bitcoin_Strange]

Not just the ads, many false cryoto videos are as usually being uploaded to the Facebook story and Facebook reals of so many users on Facebook and it's this kind of misinformation and false videos from scammers that is causing some people to lose their money in cryoto. Although, it's not just on Facebook that this kind of scam activities is going on.